Get the free IRS Form 1023 - UVM Alumni Association - University of Vermont

IRS REQUEST FOR ADDITIONAL INFORMATION (Dated September 17, 2011) Internal Revenue Service Department of the Treasury P. O. BOX 2508 Cincinnati, OH 45201 Date: September 17, 2011, Employer Identification

How to fill out irs form 1023

How to fill out IRS Form 1023:

1. Obtain the form: The IRS Form 1023, also known as the Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, can be accessed from the official IRS website or requested through mail.
2. Read the instructions: Carefully review the instructions provided with Form 1023. These instructions will guide you through the completion of the form and provide important information regarding eligibility requirements and supporting documentation.
3. Provide organization details: Begin by providing the basic details of your organization, including its name, address, contact information, and employer identification number (EIN).
4. Determine the type of exemption: Section 501(c)(3) provides various types of exemptions for different types of organizations. Select the appropriate exemption category that best fits your organization's purpose. Common categories include charitable, religious, educational, and scientific organizations.
5. Provide organizational structure and governance information: Describe the organizational structure of your entity, including its formation date, legal structure, and governance structure. This may include details about your board of directors, officers, and key personnel.
6. Complete financial information: Include details about your organization's financial activities, such as revenue sources, fundraising activities, and expenses. Attach any financial statements or supporting schedules as required.
7. Describe your activities and purpose: Clearly explain the mission, activities, and programs of your organization. Provide details about the beneficiaries of your services and how your activities align with the requirements for tax-exempt status.
8. Attach required documents: Ensure you attach any necessary documents to support the information provided in your Form 1023. This may include your organization's bylaws, articles of incorporation, financial statements, and any other relevant supporting documentation.
9. Complete the user fee payment: Form 1023 requires a non-refundable user fee payment, which depends on the organization's average annual gross receipts. Visit the IRS website or consult the instructions for the latest fee schedule and acceptable payment methods.
10. Review and submit the form: Carefully review your completed Form 1023 for accuracy and completeness. Sign and date the form, and submit it to the address specified in the instructions. Always keep a copy of the submitted form for your records.

Who needs IRS Form 1023:

1. Non-profit organizations: IRS Form 1023 is required for organizations seeking tax-exempt status under Section 501(c)(3) of the Internal Revenue Code. This includes charitable, educational, religious, scientific, and other qualifying organizations.
2. Organizations with substantial gross receipts: If your organization expects to have average annual gross receipts exceeding $5,000 in any of the first four years, filing Form 1023 is mandatory to obtain tax-exempt status.
3. Organizations wishing to provide deductible contributions: Donors can only claim tax deductions for their contributions to organizations that have obtained tax-exempt status. Therefore, if your organization wants to offer donors the ability to claim tax deductions for their contributions, filing Form 1023 is necessary.

Note: It is recommended to consult with a tax professional or legal advisor to ensure compliance with all applicable laws and regulations when filling out IRS Form 1023.

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What is irs form 1023?

IRS Form 1023 is the Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code.

Who is required to file irs form 1023?

Nonprofit organizations seeking tax-exempt status under section 501(c)(3) of the Internal Revenue Code are required to file IRS Form 1023.

How to fill out irs form 1023?

IRS Form 1023 can be filled out online or by mail, and must include detailed information about the organization's activities, finances, and governance.

What is the purpose of irs form 1023?

The purpose of IRS Form 1023 is to apply for tax-exempt status under section 501(c)(3) of the Internal Revenue Code.

What information must be reported on irs form 1023?

Information required on IRS Form 1023 includes details about the organization's activities, finances, governance structure, and more.